[Graninavan]

Advice for affordable Life Insurance​

Advice please for affordable Life Insurance for Hubby and I, both 72 yrs.

 

[Suzanne rose]

I'm with Noble Oak.
I loved that they actually sent a nurse out to do blood pressure ect so everything is documented and you know there won't be problems when a claim is done.

Most life insurance companies sign you up easily with no health checks but when it comes to a claim any pre existing conditions could prevent a claim.

I pay $80 a month for $200,000 when I started in my monthly payments were $35 I've been with Noble Oak for maybe 15 years but have had life insurance for 30 years. I originally took it out to cover my mortgage and money for my kids if something happened to me.

With age repayments go up.
At my age 63 I would actually cancel it but hubby believes if we cancel now after paying all these years we will then actually need it.

At 72 I wouldn't take out life insurance unless you either don't own your home or are paying it off.

No matter where you look premiums will be high because of your age.
But life insurance is cheaper than funeral insurance as well as getting better benefits

 

[Viellarde]

I don't think affordable life insurance at 73 next birthday exists.
Reason to purchase Life Ins: protect spouse and dependant children in case of one's death.
Mortgage should carry its own insurance. I provided my children with an education so that they can in turn provide for their families.
If the need is to cover Funeral costs:
Suggestion: Prepaid funeral. Decide on type of funeral and shop burial sites and funeral parlours accordingly. Most offer easy payment by instalments.
Funeral Insurance isn't for everyone unless you're certain of cashing in before paying a fortune in premiums. Usually no claim within the first 2years, except for accidental death. Again, premiums are high to cover the REAL cost of a funeral.
Good luck.

 

[Suzanne rose]

I don't think affordable life insurance at 73 next birthday exists.
Reason to purchase Life Ins: protect spouse and dependant children in case of one's death.
Mortgage should carry its own insurance. I provided my children with an education so that they can in turn provide for their families.
If the need is to cover Funeral costs:
Suggestion: Prepaid funeral. Decide on type of funeral and shop burial sites and funeral parlours accordingly. Most offer easy payment by instalments.
Funeral Insurance isn't for everyone unless you're certain of cashing in before paying a fortune in premiums. Usually no claim within the first 2years, except for accidental death. Again, premiums are high to cover the REAL cost of a funeral.
Good luck.

My mother has funeral cover only and actually pays more than what I pay for life insurance. Hers will cover the funeral whereas my life insurance will pay $200,000 and will pay $15,000 within 48 hours to cover the funeral then the balance when they receive the death certificate which will take between 6 to 8 weeks

But for someone who takes out either in their 70s the premiums will be high

 

[Suzanne rose]

I forgot to add when I first took out life insurance I had also insured hubby, but with age his premiums sky rocketed apparently men's insurance is higher than women's.

I cancelled his maybe 5 years ago. He was around 62 . His premiums started at $60 whereas mine was $38.

Mine is now $80 a month where as his at 62 went up to $140 a month . If I was still paying for his I'm guessing now at 67 it would have been close to $200 a month.